The global oncolytic virus therapy market is estimated to grow with a CAGR of 27.29% over the forecast period, i.e., 2021 – 2028. The growth of the market can primarily be attributed to the rising incidences of cancer and for the need to cure such chronic diseases. According to the statistics by the World Health Organization (WHO), globally, cancer is the leading cause of deaths and in the year 2020, it accounted for about 10 Million deaths. Out of the most common new cancer cases in the year 2020, breast and lung cancer held the highest share, registering 2.26 Million cases and 2.21 Million cases respectively. Cancer incidences have risen steadily across the world owing to the growing and aging population globally, and for the increasing exposure to cancer risk factors. The rising concern for such cases is driving the need for advanced cancer detection and treatment procedures, which is expected to contribute to the growth of the market during the forecast period. The global oncolytic virus therapy market garnered a revenue of USD 160.4 Million in the year 2019 and is further expected to touch USD 1062.7 Million by the end of 2028.
Moreover, the rising demand for targeted cancer therapies, backed by the rapid advancements in cancer research, and the surge in approval of immuno-oncology drugs by the medical fraternities, are also expected to accelerate the market growth in the coming years. Furthermore, rising healthcare expenditure, which according to the World Bank, as a share of GDP, grew from 9.417% in 2013 to 9.857% in 2018, is also one of the major factors anticipated to drive the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
Regionally, the global oncolytic virus therapy market is segmented into North America, Europe, Asia Pacific, and the Rest of World. Amongst the market in these regions, the market in North America is projected to hold the highest market share during the forecast period. In 2019, the market in the region garnered a revenue of USD 68.5 Million, and is further projected to reach USD 509.4 Million by the end of 2028. Rising awareness amongst individuals for different cancer treatments, increasing availability of advanced immune-oncology drugs in the region, along with the growing healthcare spending in countries such as the United States, are some of the major factors anticipated to drive the market growth in the region. According to the statistics by the American Cancer Society, in the United States, around 1.9 Million new cancer cases are expected to be diagnosed. Further, around 608570 deaths caused due to cancer is expected in the country in the same year.
The market in Europe, on the other hand, is expected to garner the second-largest market revenue of USD 295.5 Million by the end of 2028. Amongst the countries in the region, the market in the United Kingdom is projected to garner the largest market revenue of USD 83.1 Million by the end of 2028 by growing from a revenue of USD 10.8 Million in 2019.
The global oncolytic virus therapy market is segmented by therapy type into HSV-based oncolytic virus therapy, adenovirus-based oncolytic virus therapy, reovirus, poxviruses, Newcastle disease virus (NDV), and others. Amongst these segments, the adenovirus-based oncolytic virus therapy segment held the highest market share of 30.2% in the year 2019 and is further projected to attain a significant market share by the end of 2028. On the basis of virus type, the market is segmented into oncolytic wild type viruses and genetically engineered oncolytic viruses, out of which, the genetically engineered oncolytic viruses segment is expected to hold the largest market share throughout the forecast period. Further, based on virus type, the market is segmented into head & neck cancer, lung cancer, kidney cancer, liver cancer, pancreatic cancer, breast cancer, colorectal cancer, sarcoma, melanoma, and others. Out of these, the colorectal cancer segment registered the second-highest market share of 11.1% in the year 2019. The segment is further expected to attain a significant market revenue by the end of 2028. On the basis of demography, the market is segmented into adults and pediatric, out of which, the adults segment is projected to gain the highest market share throughout the forecast period. The market is also segmented on the basis of end of end-user into hospitals, specialty clinics, and cancer research institutes, out of which, the hospitals segment held the highest market share of 46.60% in the year 2019.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global oncolytic virus therapy market that are included in our report are Amgen Inc., Shanghai Sunway Biotech Co., Ltd., Oncolys BioPharma Inc., TILT Biotherapeutics Ltd., Oncorus, Inc., Takara Bio Inc., Vyriad, Transgene sa, Lokon Pharma AB, Pfizer Inc., and others.
FREQUENTLY ASKED QUESTIONS
The increasing incidences of cancer worldwide, along with the growing demand for targeted therapy are some of the major factors anticipated to drive the market growth.
The market is anticipated to attain a CAGR of 27.29% over the forecast period, i.e., 2021-2028.
The high cost of cancer drug development is one of the major factors estimated to hamper the market growth.
The market in Europe is expected to garner the second-largest market revenue of USD 295.5 Million by the end of 2028 and provide more business opportunities in the future.
The major players in the market are Amgen Inc., Shanghai Sunway Biotech Co., Ltd., Oncolys BioPharma Inc., TILT Biotherapeutics Ltd., Oncorus, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by therapy type, virus type, indication, demography, end-user, and by region.
The adenovirus-based oncolytic virus therapy segment held the highest market share of 30.2% in 2019 and is expected to display significant growth opportunities throughout the forecast period.
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